External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>IndusInd Bank (IIB)’s PAT declined 40% YoY/ 39% QoQ at ~INR13.3b (17% miss adjusted for contingent provision of INR5.25b).</li><li>NII grew 5% YoY to INR53.5b (in-line), while other income declined 10.5% QoQ to INR21.85b (14% miss).</li><li>NIM contracted sharply by 17bp QoQ to 4.08%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IndusInd Bank (IIB)’s PAT declined 40% YoY/ 39% QoQ at ~INR13.3b (17% miss adjusted for contingent provision of INR5.25b).NII grew 5% YoY to INR53.5b (in-line), while other income declined 10.5% QoQ to INR21.85b (14% miss).NIM contracted sharply by 17bp QoQ to 4.08%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IndusInd Bank - Weak Quarter; Steering Through Near-Term Challenges

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>IndusInd Bank (IIB) reported a sharp 42% earnings miss in 2Q with PAT/RoA at Rs13.3bn/1%, mainly due to slower credit growth (13% YoY), lower fees (partly due to lower penal fees), and higher LLP.</li><li>Higher provisions in 2Q were primarily due to elevated MFI stress across players and partly to shore-up contingent provision buffer (Rs5.3bn in 2Q, though little later than guided) to Rs15.3bn/0.4% of loans.</li><li>Gross slippages were higher at 2.1% (vs 1.8% in 1Q) largely due to stress in MFI and some slip-up in CE, Card, and TW, leading to 9bps QoQ uptick in GNPA ratio to 2%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IndusInd Bank (IIB) reported a sharp 42% earnings miss in 2Q with PAT/RoA at Rs13.3bn/1%, mainly due to slower credit growth (13% YoY), lower fees (partly due to lower penal fees), and higher LLP.Higher provisions in 2Q were primarily due to elevated MFI stress across players and partly to shore-up contingent provision buffer (Rs5.3bn in 2Q, though little later than guided) to Rs15.3bn/0.4% of loans.Gross slippages were higher at 2.1% (vs 1.8% in 1Q) largely due to stress in MFI and some slip-up in CE, Card, and TW, leading to 9bps QoQ uptick in GNPA ratio to 2%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IndusInd Bank - Some Stress and Some Prudency Suppress Earnings

<ul><li>IndusInd Bank (IIB) posted a 1QFY25 PAT of ~INR21.7b (7% miss) due to modest revenue growth.</li><li>NII grew 11% YoY to INR54.1b (3% miss) and other income rose 10.5% YoY to INR24.4b (5% miss).</li><li>NIM was broadly stable at 4.25%. Loan book grew 15% YoY (1.3% QoQ), led by corporate book. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IndusInd Bank (IIB) posted a 1QFY25 PAT of ~INR21.7b (7% miss) due to modest revenue growth.NII grew 11% YoY to INR54.1b (3% miss) and other income rose 10.5% YoY to INR24.4b (5% miss).NIM was broadly stable at 4.25%. Loan book grew 15% YoY (1.3% QoQ), led by corporate book. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IndusInd Bank - Modest Quarter; Guides a Robust Growth Outlook

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul><li>We add value plays Bandhan and UBI to the buy list alongside HDFC Bank and Baroda, turning neutral from negative on SBI. Bandhan is our core Indian bank pick, UBI benefits from improving return trends</li></ul>

We add value plays Bandhan and UBI to the buy list alongside HDFC Bank and Baroda, turning neutral from negative on SBI. Bandhan is our core Indian bank pick, UBI benefits from improving return trends

Indian Banks Screener FYE24, Part 2: Bandhan and UBI added to the buy list

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> and the <a href="https://www.smartkarma.com/entities/nse-nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">NSE Nifty Bank Index (NSEBANK INDEX EQUITY)</a> reached all-time highs on 26 September 2024 but have since declined.</li>
<li>Most stocks in the Bank Index have fallen below their 200 and 50 day moving average,. Volatilities have gone up, but trade cheap when compared to historical levels.</li>
<li>Opportunities present themselves either in stocks that stayed resilient during the downturn (<a href="https://www.smartkarma.com/entities/federal-bank-ltd" target="_blank" data-smartkarma-citation="entities:11784:1" rel="noopener">Federal Bank (FB IN)),</a>or fell and gained in implied volatility. A long-short strategy might also be considered.</li>
</ul>


The NIFTY Index (NIFTY INDEX) and the NSE Nifty Bank Index (NSEBANK INDEX EQUITY) reached all-time highs on 26 September 2024 but have since declined.
Most stocks in the Bank Index have fallen below their 200 and 50 day moving average,. Volatilities have gone up, but trade cheap when compared to historical levels.
Opportunities present themselves either in stocks that stayed resilient during the downturn (Federal Bank (FB IN)),or fell and gained in implied volatility. A long-short strategy might also be considered.


EQD | Nifty Banks – Single Stock Options and Relative Value Opportunities

India

IndusInd Bank Limited is a Mumbai-based Indian new generation bank established in 1994. The Bank provides a range of banking and financial services including  wholesale banking, credit monitoring, risk management, tele-banking, investment banking and commercial lending. IndusInd Bank operates branches throughout India as well as an office in Dubai and London.

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Indusind Bank (IIB IN)

IndusInd Bank - Weak Quarter; Steering Through Near-Term Challenges

IndusInd Bank (IIB)’s PAT declined 40% YoY/ 39% QoQ at ~INR13.3b (17% miss adjusted for contingent provision of INR5.25b). NII grew 5% YoY to...

Motilal Oswal

IndusInd Bank - Some Stress and Some Prudency Suppress Earnings

IndusInd Bank (IIB) reported a sharp 42% earnings miss in 2Q with PAT/RoA at Rs13.3bn/1%, mainly due to slower credit growth (13% YoY), lower fees...

Emkay

IndusInd Bank - Modest Quarter; Guides a Robust Growth Outlook

IndusInd Bank (IIB) posted a 1QFY25 PAT of ~INR21.7b (7% miss) due to modest revenue growth. NII grew 11% YoY to INR54.1b (3% miss) and other...

Motilal Oswal

Indian Banks Screener FYE24, Part 2: Bandhan and UBI added to the buy list

We add value plays Bandhan and UBI to the buy list alongside HDFC Bank and Baroda, turning neutral from negative on SBI. Bandhan is our core Indian...

Victor Galliano

EQD | Nifty Banks – Single Stock Options and Relative Value Opportunities

The NSE Nifty Bank Index hit a record high in September 2024 but has since dropped. Option opportunities are found in resilient or volatile bank...

Gaudenz Schneider

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